So the One Big Beautiful Bill (OBBB) Act has passed through both houses on Congress and has been signed into law by the President.
There are a LOT of tax changes in this bill, and they have many different effective dates.
I have two big takeaways for you:
1) Watch out for MIS-information as we all digest and understand these changes. Social media particularly can miss nuance. This leads in point # 2…
2) None of the law makes income non-REPORTABLE. So tip income, overtime wages, Social Security income–all that income *still needs to be included* on your tax returns (if you are required to file a tax return). Depending on your income and other factors, a deduction for some or all of that income MAY be available to make that income not be TAXABLE.
If you have any specific questions about how any particular provision impacts you, please reach out and put a tax planning meeting on my calendar